In recent economic news, the Nigerian currency, the Naira, saw a meteoric recovery this week gaining over ₦500 against the US Dollar. This significant increase marks an important turning point after a prolonged period of fluctuations and depreciation of the national currency following monetary reforms implemented by the government.
At a press conference held in Abuja on Friday, March 22, 2024, the Special Adviser on Media and Communications to the President, Ajuri Ngelale, highlighted Bola Ahmed Tinubu’s desire to see Nigerians support the momentum positive of the naira.
“His Excellency, President Bola Ahmed Tinubu wishes to clearly communicate to our people that there has never been a more crucial time in our history to unite and actively engage in purchasing and prioritizing products made in Nigeria , across all sectors and at all levels of the value chain,” Ngelale said.
This orientation is part of the decisions taken by the president to consolidate the position of the naira against foreign currencies. Ngelale also mentioned several government initiatives aimed at improving the living conditions of Nigerians, such as the Presidential Conditional Grant Scheme offering non-repayable grants of up to ₦50,000 to one million micro-enterprises, as well as the ₦75 billion allocated to 75 large companies creating at least 1,000 jobs each.
This positive dynamic reflects the efforts made by the government to strengthen the national economy and improve the well-being of citizens. By encouraging the purchase of local products and supporting economic development initiatives, Nigeria is paving the way for sustainable growth and shared prosperity for all its people.